Research Frontiers Reports First Quarter 2022 Financial Results and Will Host a Conference Call at 4:30p.m.

WOODBURY, N.Y., May 05, 2022 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its March 31, 2022 first quarter. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.

• Who: Joseph M. Harary, President & CEO
• Date/Time: May 5, 2022, 4:30 PM ET
• Dial-in Information: 1-888-334-5785
• Replay: Available on Friday, May 6, 2022 for 90 days at https://smartglass-ir.com/

Key Comments:

1. The Company’s fee income from licensing activities decreased slightly as a result of two factors (1) lower to flat economic activity in the various industries that use the Company’s SPD-SmartGlass technology, and (2) timing differences due to how revenues are recorded from an accounting standpoint.
2. The Company expects revenue in all market segments to increase beginning later this year as new car models and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
3. Total expenses decreased by $21,250, or approximately 3%, for the first quarter ended March 31, 2022 as compared to the same period last year. 2021 was the seventh consecutive year that expenses were lower than the year before at Research Frontiers and this trend continued in the first quarter of 2022.
4. The Company’s net loss was $628,348 ($0.02 per common share) for the quarter ended March 31, 2022 as compared to $557,307 ($0.02 per common share) for the quarter ended March 31, 2021.
5. As of March 31, 2022, the Company had cash and cash equivalents of approximately $2.5 million and working capital of approximately $3.0 million. The Company expects to have sufficient working capital for at least the next 23 months of operations.
6. This year, new products using the Company’s SPD-Smart light control technology were featured at the CES Consumer Electronics Show including automotive and consumer electronics applications, and a new aircraft model debuted in early April using electronically dimmable windows.

For more details, please see the Company’s Annual Report on Form 10-Q which was filed today with the SEC, the contents of which are incorporated by reference herein.

About Research Frontiers

Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to over 40 companies that include well known chemical, material science and glass companies. Products using Research Frontiers’ smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.

Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc.

CONTACT:
Joseph M. Harary
President and CEO
Research Frontiers Inc.
+1-516-364-1902
Info@SmartGlass.com

RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Balance Sheets

		March 31, 2022 (Unaudited)				December 31, 2021
Assets
Current assets:
Cash and cash equivalents		$	2,466,373			$	269,964
Marketable securities			-				2,755,111
Royalty receivables, net of reserves of $1,016,678 in 2022 and 2021			753,550				831,636
Prepaid expenses and other current assets			86,573				92,931
Total current assets			3,306,496				3,949,642
Fixed assets, net			86,379				92,954
Operating lease ROU assets			433,473				469,824
Deposits and other assets			33,567				33,567
Total assets		$	3,859,915			$	4,545,987
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of operating lease liability		$	186,169			$	182,091
Accounts payable			16,023				66,460
Accrued expenses and other			74,777				49,385
Deferred revenue			10,756				-
Total current liabilities			287,725				297,936
Operating lease liability, net of current portion			416,615				464,128
Total liabilities			704,340				762,064
Shareholders’ equity:
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 31,650,396 in 2022 and 2021			3,165				3,165
Additional paid-in capital			123,467,886				123,467,886
Accumulated deficit			(120,315,476	)			(119,687,128	)
Total shareholders’ equity			3,155,575				3,783,923
Total liabilities and shareholders’ equity		$	3,859,915			$	4,545,987

See accompanying notes to condensed consolidated financial statements.

RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)

		Three months ended March 31,
		2022				2021
Fee income		$	173,828			$	213,123
Operating expenses			600,698				625,596
Research and development			148,825				145,178
Total expenses			749,523				770,774
Operating loss			(575,695	)			(557,651	)
Net investment (loss) income			(52,653	)			344
Net loss		$	(628,348	)		$	(557,307	)
Basic and diluted net loss per common share		$	(0.02	)		$	(0.02	)
Weighted average number of common shares outstanding			31,650,396				31,634,890

See accompanying notes to condensed consolidated financial statements.

RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)

For the three months ended March 31, 2021 and 2022

		Common Stock								Additional Paid-in				Accumulated
		Shares				Amount				Capital				Deficit				Total
Balance, January 1, 2021			31,575,786			$	3,158			$	123,164,623			$	(117,840,776	)		$	5,327,005
Exercise of options			74,610				7				86,255				-				86,262
Net loss			-				-				-				(557,307	)			(557,307	)
Balance, March 31, 2021			31,650,396			$	3,165			$	123,250,878			$	(118,398,083	)		$	4,855,960
Balance, January 1, 2022			31,650,396			$	3,165			$	123,467,886			$	(119,687,128	)		$	3,783,923
Net loss			-				-				-				(628,348	)			(628,348	)
Balance, March 31, 2022			31,650,396			$	3,165			$	123,467,886			$	(120,315,476	)		$	3,155,575

See accompanying notes to condensed consolidated financial statements.

RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Unaudited)

		For the three months ended March 31,
		2022				2021
Cash flows from operating activities:
Net loss		$	(628,348	)		$	(557,307	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			96				4,489
Realized loss on sale of marketable securities			60,143				-
Change in assets and liabilities:
Royalty receivables			78,086				(139,578	)
Prepaid expenses and other current assets			6,358				(28,759	)
Accounts payable and accrued expenses			(25,045	)			50,550
Deferred revenue			10,756				27,945
Net cash used in operating activities			(497,954	)			(642,660	)
Cash flows from investing activities:
Purchases of fixed assets			(605	)			(346	)
Proceeds from sales of marketable securities			2,694,968				-
Net cash provided by (used in) investing activities			2,694,363				(346	)
Cash flows from financing activities:
Proceeds from exercise of options			-				86,262
Net cash provided by financing activities			-				86,262
Net increase (decrease) in cash and cash equivalents			2,196,409				(556,744	)
Cash and cash equivalents at beginning of period			269,964				4,772,705
Cash and cash equivalents at end of period		$	2,466,373			$	4,215,961

See accompanying notes to condensed consolidated financial statements.